Archive for the ‘Income Property’ Category

We Want Win-Win Business Relationships With Tenants

Wednesday, October 2nd, 2019

A Landlord Reveals Her Goals To Tenants

Dear Tenant,

I am an a person who invested in an Ontario property. This makes me an Ontario “landlord”. The term “landlord” has a lot of negativity. It brings back memories of British Lords with castles and ripping off working class people. 

That’s not me.  I work two jobs and have a mortgage. My one rental property is nicer than my own house I live in. My car has over 200,000 kms on it and is 12 years old.

So please call me an Ontario “housing provider” or an Ontario “resident who wants to be a great owner of a property people rent from me.”

This open letter to you is to share information so that we can be a team.

After all, you need me, and I need you. 

Let’s be partners in this venture, working together for both sides to succeed!

1. I am not getting rich on this venture.

In fact, for the first 12-18 months of me buying this property, I am going to lose money. Even then, this duplex/triplex that you are living in will net me approx $200-$300 per month after all expenses have been paid. Doing the math, I believe that works out to $2,400-$3,600 per year.

At some point in time, I hope that this property gains value, and I can sell it for more that I bought it. It’s a great concept that you could work towards in your lifetime – if you are so inclined.

Until then, you need a place to live, and I need a tenant.

2. Please take care of our property.

It’s your home, but it’s my house.

If I know that you will keep your home in decent condition, I will be much more motivated to ask you to help me pick out a colour next time I paint the walls, or replace the carpet.

Please don’t be a don’t be a bad tenant who thinks I’m some kind of super rich predator sucking you you dry and spending your rent on Ferrari’s and caviar.

3. I promise to respect you and your personal rights.

I will give you all the notice I can before I have to enter your apartment. After all, this is your home, but it’s my house. If I need to replace a toilet, or fix something, I will give you advanced notice.

I hope the respect will be mutual. After all, it’s the little things that count. If we can all get along, we will both enjoy working with each other. I am not here to mess with your life.

4. I was you once, perhaps you will be me one day.

I know what it’s like to rent. I know what it’s like to be a tenant. It’s actually a decent way to live.

I never worried about the roof, the plumbing, needing a new stove, or fridge, or even if the carpet was getting worn down and needed replacing.

I never worried if the city increased utilities, or taxes – I paid a flat rent, which can only increase by a very small amount each year. I let my landlord worry and take care of all of that.

You need me, and I need you. If neither one of us are jerks, this will work out just fine.

Sincerely,

Ms. Ontario Landlord

Discuss this at the Ontario Landlord forums

Landlord Investment Opportunity? Toronto Tenants Choosing to Rent Condos

Friday, January 18th, 2013

January 18th, 2013

OLA Happy Toronto Tenants In Condo

Every landlord wants to find good tenants and avoid bad ones.

Owning properties which attract the good tenants everyone is looking for is one of the keys to being a successful landlord.

After all you want to be able to attract people who can pass your strict tenant screening process.

According to a report at Conda.ca more renters are turning to condos in Toronto as their rental property of choice.

The Toronto Real Estate Board (also known as TREB) shows that the fourth quarter of 2012 saw an impressive number of condo rental transactions. The number of condo rental transactions was up 13% over 2011 at 3,648.

Equally impressive was that the number of condo rentals listed was up 18% over 2011.

Why are condos attracting tenants?

TREB states that condos consisting of one and two bedrooms are most popular with Toronto renters.

These condos are usually much more expensive than normal rents of the same size. So why the popularity?

Elite Condos Rule

Want your condo to be in demand by tenants? Condos in good locations with up-scale amenities and elite finishes will get you attention as many renters are willing to pay for quality and location.

Elite properties can attract great tenants you desire …although you still must be careful. The last thing you want is to have a great property and rent to a bad tenant who you have to eventually evict.

How much are these condos renting for?

A typical 1 bedroom condo rented for $1620/month. This was up four per cent compared to 2011.

A typical 2 bedroom condo rented for around $2090/month. This was in an increase of two per cent compared to 2011.

I keep hearing the Toronto condo market is going to crash in the media

Jason Mercer is a market analyst for the Toronto Real Estate Board. Despite some media reports, Mercer states there aren’t any real indication of a an oversupply of rentals in the Toronto condo market. This is why it’s important to join a real provincial landlord association consisting of landlords to make sure you are up to date on the facts of the marketplace.

Mercers says that while there has been an increase in supply, rents have also gone up. In fact, he says there are so many tenants out there looking to rent, condo owners can still raise prices.

More people are choosing condos as their rental home than ever before.

CMHC (aka Canada Mortgage and Housing Corporation) has stated that 22.6% of all Toronto condos are now rented.  This has provided a huge supply of rental housing for the city.

Income property investors take note: more and more renters want pretty condos, with great amenities, in great locations. The Toronto condo market has changed the rental market in Toronto. To discuss this and other topics join the free Ontario Landlord forum

Landlords in Southern Ontario – Here’s Your Chance to Star On HGTV’s “Income Property” TV Show

Thursday, December 20th, 2012

December 20th, 2012

HGTV’s Hit Television Show “Income Property” Is Looking For Landlords in Southern Ontario To Cast On the Show

HGTV (Home & Garden Television) is a very popular cable network which has programs focused for real estate investors.

One of their most popular programs is “Income Property” hosted by Scott McGillivray.

Income Property is a show about new homeowners.

With high mortgage payments, these new homeowners want to create attractive money-making income suites in their homes to rent out.

The new income suite will not only bring in rent to help pay the monthly mortgage, it will increase the value of their new home.

The host of Income Property is not only the host. Scott McGillivray personally owns many rental properties and assists homeowners on the show to:

1. Plan how to maximize the income potential of their income suite.

2. Work out a realistic budget with the homeowners.

3. Get the renovation done in the fastest, most efficient way.

4. Start finding great tenants!

Now Income Property Wants You!

Income Property is looking for enthusiastic Ontario landlords who want to either create a new income property in their basement or renovated their existing rental unit to improve it and find better tenants (and raise the rent!)
The goal of the show is to help make your new or existing rental unit attractive, legal, safe and to find great tenants who pay the rent on time.
.
Rules for Your Apartment to Get on the Show #1
.
Your basement will have to meet certain specifications. You will need to pass the Ontario Building Code.You will need at least clearance of 6’5″ under all the ducts and the support beams and at least 2/3 of your until must have clearance of at least 6′ 11″. If you can’t meet these requirements, you won’t be accepted for the television program.
.
Rules for Your Apartment to Get on the Show #2
.
All interested landlords must be located in Southern Ontario. Second, you must be able to contribute for paying for the creation or renovation of the income property. Third, you must have time to be taped for the show for a minimum of 10 days in a row.
.
Who Can’t Apply Because of City By-Laws
.
If you living in Richmond Hill, Vaughan, Maple, Brampton, Woodbridge or Mississauga you aren’t eligible.
.
.How To Apply?
.
You can get the application here: www.incomepropertytelevision.com
Submit  your application and photographs to: ipcasting@rtrmedia.com
.
.

Landlords in Southern Ontario – Here’s Your Chance to Star On HGTV’s “Income Property” TV Show. Take the Opportunity to Create a Safe, Attractive, Legal Rental Unit.